Non-Life Insurers Report 5% YoY Growth In June Premiums, Health Segment Leads

India’s non-life insurance industry recorded a 5.05% year-on-year increase in gross direct premium underwritten for June, reaching ₹199.16 billion, according to data released by the General Insurance Council. This moderate growth was primarily driven by robust performance in the standalone health insurance segment, which posted double-digit expansion.

Among public-sector general insurers, New India Assurance, the market leader, registered a 10.6% YoY rise in premium collections, touching ₹33.28 billion in June. In contrast, the second-largest player, ICICI Lombard General Insurance, reported a sharp 10.4% decline in premiums to ₹19.87 billion.

Other state-owned insurers showed strong growth. United India Insurance reported an 11.4% YoY jump, while National Insurance and Oriental Insurance saw premiums increase by 26% and 13.5%, respectively, signaling a recovery in the public sector.

Among private general insurers, Bajaj Allianz General Insurance posted over 17% growth in premiums, collecting ₹14.45 billion in June. HDFC Ergo, however, saw premiums fall 17.4% year-on-year to ₹8.70 billion, marking a significant underperformance within the private segment.

The standalone health insurance category outperformed the broader general insurance market, logging a 10.4% YoY rise to ₹33.40 billion. Niva Bupa Health Insurance reported a 15.5% increase in premiums to ₹5.94 billion. Star Health and Allied Insurance, the largest standalone health insurer, also posted positive growth, albeit modest, at 2.8% YoY with ₹13.38 billion in premiums.